Messeguay Mines options Loubel’s Burkina Faso ground

Montreal-based Messeguay Mines (ME) can earn interests in Loubel Exploration’s (ME) two properties in Burkina Faso, West Africa.

Messeguay can earn 49% of the 314-sq.-km Dossi property, which hosts two anomalous zones known as Dossi Centre and Dossi B. Both zones have lateritic gravels containing gold and quartz fragments. Dossi B is estimated to contain 500,000 cubic metres of gravel averaging 2 grams gold per cubic metre to a depth of 3 metres.

In return, Messeguay must pay $4,900 cash, spend $73,500 on exploration before June 30 and issue $12,862 worth of shares after consolidation of the company. Also, Messeguay is expected to consolidate to form Melkior Resources. Messeguay can also earn an 11.5% interest in the Tiebele base metal property. Loubel has an option to earn a 90% interest in the 1,050-sq.-km concession, where a large, zinc-copper, soil geochemical anomaly was outlined by the French government in the 1970s.

In return for its interest, Messeguay must make three cash payments totaling $101,200, before June 30, 1995, and issue $24,150 worth of shares after consolidation of the company.